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30 July 2008


Cyrium closes second-round funding to boost multi-junction solar cell production

Cyrium Technologies Inc says it has closed a $15m Series B round of funding, led by The Quercus Trust of Costa Mesa, CA, USA. Based in Ottawa, Canada and San Jose, CA, USA, Cyrium develops multi-junction solar cells for concentrator photovoltaic systems. Major investors from previous financing rounds also participated, including: BDC Venture Capital, Chrysalix Energy Venture Capital, and Pangaea Ventures Ltd.

“Cyrium’s momentum has been building steadily and the concentrator photovoltaic market is poised for rapid growth. The strong support of all of our investors including The Quercus Trust will help Cyrium to achieve critical milestones,” said Steve Eglash, CEO of Cyrium Technologies.

Purnesh Seegopaul of Pangaea added: “Cyrium is on the threshold of developing solar cell technology that will enable CPV systems to achieve grid parity. That’s something we feel is important and we are pleased to be part of the team that makes that happen.”

Funds from the financing round will be used to further the development and testing of the firm’s photovoltaic solar cell products and to establish volume manufacturing.

Cyrium was founded in 2002 as a spin-off from National Research Council of Canada (NRC) at its Industrial Partnership facility.

See related item:

Cyrium increases funding to CDN$5.5m; adds ex-SDL VP as CEO

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